Republic of Korea: Water-Skis And Surfboards Market 2024

Water-Skis And Surfboards Market Size in Republic of Korea

In 2022, the South Korean water-skis and surfboards market was finally on the rise to reach $X for the first time since 2018, thus ending a three-year declining trend. Overall, consumption posted a buoyant expansion. Over the period under review, the market attained the peak level at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Water-Skis And Surfboards Exports

Exports from Republic of Korea

In 2022, approx. X units of water-skis, surfboards and sailboards were exported from South Korea; which is down by -44.2% compared with the previous year's figure. Over the period under review, exports showed a sharp setback. The growth pace was the most rapid in 2021 with an increase of 196%. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, water-skis and surfboards exports fell sharply to $X in 2022. Overall, exports faced a abrupt curtailment. The growth pace was the most rapid in 2019 when exports increased by 222%. Over the period under review, the exports reached the maximum at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Russia (X units), Germany (X units) and the Netherlands (X units) were the main destinations of water-skis and surfboards exports from South Korea, together accounting for 27% of total exports. The Philippines, New Caledonia, the United States, Taiwan (Chinese), Finland, Italy, Hungary, Panama, China and Thailand lagged somewhat behind, together comprising a further 34%.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +23.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for water-skis and surfboards exported from South Korea were the Netherlands ($X), Hungary ($X) and the United States ($X), together accounting for 24% of total exports.

Hungary, with a CAGR of +23.1%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average water-skis and surfboards export price amounted to $X per unit, jumping by 25% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. The export price peaked at $X per unit in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Hungary ($X per unit), while the average price for exports to Russia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Philippines (+14.8%), while the prices for the other major destinations experienced more modest paces of growth.

Water-Skis And Surfboards Imports

Imports into Republic of Korea

In 2022, purchases abroad of water-skis, surfboards and sailboards was finally on the rise to reach X units for the first time since 2018, thus ending a three-year declining trend. Over the period under review, imports posted a resilient increase. The most prominent rate of growth was recorded in 2016 with an increase of 92%. Over the period under review, imports hit record highs at X units in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, water-skis and surfboards imports rose modestly to $X in 2022. Overall, imports saw strong growth. The growth pace was the most rapid in 2016 with an increase of 42% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of water-skis and surfboards to South Korea, with a 83% share of total imports. Moreover, water-skis and surfboards imports from China exceeded the figures recorded by the second-largest supplier, Italy (X units), more than tenfold. Taiwan (Chinese) (X units) ranked third in terms of total imports with a 2.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +16.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-9.5% per year) and Taiwan (Chinese) (+3.5% per year).

In value terms, China ($X) constituted the largest supplier of water-skis, surfboards and sailboards to South Korea, comprising 60% of total imports. The second position in the ranking was held by the United States ($X), with a 6.1% share of total imports. It was followed by Taiwan (Chinese), with a 3.9% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +13.9%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-3.7% per year) and Taiwan (Chinese) (+1.8% per year).

Import Prices by Country

The average water-skis and surfboards import price stood at $X per unit in 2022, which is down by -15.2% against the previous year. Overall, the import price showed a pronounced slump. The most prominent rate of growth was recorded in 2021 an increase of 43% against the previous year. Over the period under review, average import prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+4.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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